Star Xu seek repayment of 1,500 BTC from Li Feng and publicize contract
20 June Beijing-Star Xu, founder of OKCoin Group, posted on his wechat moment that he was seeking repayment of 1,500 BTC from Li Feng, or Frank Lee. He said the loan was personal business and had nothing to do with the Company. “1,500 BTC is nothing to me, but I will get my BTC back at all costs.” Later, there was news that Li Feng claimed that the 1,500 BTC was an investment in MGD project, which was fake as confirmed by Star Xu. Li Feng was an early bitcoin adopter. He was better known as the founder of Gridseed, which produced litecoin ASICs in 2014.
Below is the full translation of statement from Star Xu:
I never let my personal business go public but this time I was angry. Li Feng (not the Li Feng in IDG), or Frank Lee, reached me through Hu Zhibin, an alumnus of mine, when he was in the hard time. Under Hu’s voucher, Li borrowed 1,500 bitcoins from me. The repayment is long overdue despite multiple communications. And now he is not responsive any more. I have contract and video recorded when the contract was signed. It’s the realistic version of the farmer and the snake. I have never seen such shameless scumbag.
It is said that this man lived in a million-dollar mansion in Silicon Valley and invested 6,000 ETH in one single project. Although now those in debt are feared most and 1,500 BTC is nothing to me, I will collect my interest army at all costs. I hereby announced that:
1. I will publicize the loan contract;
2. File lawsuit in courts both in China and the United States, applying for property preservation and freeze all their shares.
3, Ask for assistance from professionals.
4. If there are friends who owed Li Feng money or accept Li’s investment, I am open to equity transfer.
The subject is purely my personal business and has nothing to do with OK Group.
Later a newsletter was released by some blockchain we-medias, claiming that the 1,500 BTC was Xu’s investment on a project named MGD. But the news was denied by Xu by posting a chatlog between Li Feng. In the chatlog, Li admitted that was not true and he was busy contacting media to delete the fake news.
Earlier today, Xu posted screenshot of the lending contract. It turns out the Li borrowed 1,500 BTC from Xu in December 2014, which should be paid back one year later. The contract was a supplementary contract signed in March 2017 indicating that repayment period was extended to 31 December 2017.
Xu also hinted that the fake news was deliberate smearing of OK Group by business competitors. But at the end of the latest statement, Xu didn’t forget to promote OK Group’s latest product related to OKB, the exchange-issued token.